Well it looks like the engine I had a line on turned out to be a dead end. It was originally listed as coming out of a running bike but when I started asking questions it's suddenly seized. So now I have a crank and stator from someone else I'm looking at for $120. Just need to ask some more questions. If it turns out the used crank/stator is decent then I'll see what the new bill would be and make a decision then.
Will need to think hard about this. I would really love to give him this bike but it can't be a time-bomb. Thanks.